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Author: TMFBigFrog Big red star, 1000 posts Old School Fool Home Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121565  
Subject: Good News/Bad News on Taxes Date: 2/7/2012 12:40 AM
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Good News: It looks like we made signficantly lower interest free loans to the taxing authorities in 2011 than 2010.
Bad News: We're still a couple of 1099s & corrected 1099s from being able to file our 2011 taxes.

Good News: Our refinanced mortgage is at a much lower rate and shorter term than the old mortgage.
Bad News: Higher out of pocket cash flows & lower interest shield on that mortgage means those benefits won't be really felt for several years.

Good News: A stabilizing economy in 2011 led to a return of business travel, including for my Schedule C / 1099-Misc work.
Bad News: A stack of paperwork about 6" thick to support the related business travel deductions.

Good News: 529 Contributions & Long Term Care Insurance premiums are at least partially deductible on our state taxes.
Bad News: Our kids will still be responsible for most of their own college expenses, and if we wind up in a nursing home for as long as my wife's 108 year old Great Grandmother, our kids still won't inherit anything from us.

Good News: My wife & I are expecting a baby in 2012.
Bad News: To qualify for safe harbor based on 2011 taxes, I don't think I can adjust my withholdings to reflect that anticipated addition.

-Chuck
Inside Value Home Fool
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Author: TMFPMarti Big funky green star, 20000 posts Home Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 114990 of 121565
Subject: Re: Good News/Bad News on Taxes Date: 2/7/2012 2:34 AM
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Good News: My wife & I are expecting a baby in 2012.
Bad News: To qualify for safe harbor based on 2011 taxes, I don't think I can adjust my withholdings to reflect that anticipated addition.


Congratulations! No bad news. Just use a different approach for 2012. See Pub 505.

Phil
Rule Your Retirement Home Fool

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